Last week review (Jan. 13-17)

Jan. 13

Nakhchivan Automobile Plant to start exporting Lifan cars

The Nakhchivan Automobile Plant and Chinese Lifan company have signed a new contract that will enable the Azerbaijani side to sell the products to third countries and in particular Georgia and Central Asian countries.

The document was signed during the visit of a delegation from the Nakhchivan automobile plant in Chongqing.

The head of the Nakhchivan automobile plant Musa Abdullayev said that technical specialists at the Azerbaijani plant are preparing a plan of gradual localisation of production of component parts in the republic. At the same time in order to improve the service of Lifan cars in Azerbaijan, the Chinese company will build a service centre in one of the regions in the country.

Jan. 14

Azerbaijani Transport Ministry to strengthen measures to control road project implementation

The Azerbaijani Transport Ministry will strengthen and reinforce the discipline of implementation, enhance controls and improve the management system of road transport projects, Azerbaijani Transport Minister Ziya Mammadov said at a meeting at the ministry.

Alongside major work carried out in Azerbaijan in the sphere of maintenance, repair and reconstruction of roads and bridges, Mammadov also emphasised the shortcomings in the timing of project implementation, quality indicators and in the area of road protection, a message posted on the ministry's website said.

Jan. 15

WB improves forecasts for economic growth in Azerbaijan

The World Bank has revised its forecast for GDP growth in Azerbaijan in 2014, the WB said in its report entitled Global Economic Prospects.

According to the report, the bank believes that during 2014 the country's GDP will grow by 5.3 per cent. In the forecast released in June 2013 the bank expected the growth rate of the national economy to be 4.8 percent. The GDP growth forecast for 2015 remained unchanged and is set at 4.5 percent. In 2016, the World Bank expects 3.9 percent growth in gross production of the country.

The bank forecasts that in 2014 the ratio of current account surplus to GDP is expected to reach 15.9 percent, in 2015 - 14.3 per cent, and in 2016 - 12.5 percent. In 2013, according to preliminary estimates of the bank, the figure was 17.7 percent.

Azerbaijani Airlines introduces fuel surcharges

Azerbaijani Airlines CJSC introduced fuel surcharges in its own flights, the CJSC said.

Fuel surcharges for economy class in flights lasting less than two hours, amount to 12 euros and for business class it is18 euros, the CJSC said. The fuel surcharges in the flights lasting more than two hours, are equal to 18 and 27 euros respectively.

The introduction of fuel surcharges has accordingly affected the minimal airfare.

Jan. 16

Belarus invites Azerbaijan to participate in privatisation of country's leading mobile operator

The Ministry of Communications and Information Technologies of Azerbaijan received an offer from the Belarusian Embassy in the country for Azerbaijani investors to participate in the privatisation of the MTS JV which is in the economic management of the unitary telecommunications enterprise Beltelecom, the ministry said.

According to the ministry, the bids for the privatisation of 51 percent of the shares of the leading mobile operator in Belarus will be held by the State Committee on Property of the country in Minsk on February 6.

As the ministry stressed, the embassy is ready to provide all possible support to Azerbaijani companies interested in participating in the contest. The ministry said that the initial cost of the sale of MTS JV shares is $863 million.

CBA tightens control over issuance of loans by domestic banks

The Central Bank of Azerbaijan (CBA) has demanded that the country's banks tighten control over consumer loans.

The CBA sent a letter with instructions to the banks operating in the country to stop lending to the borrower without a work place reference, a source in the banking sector said.

"This measure is aimed at preventing possible risks in the future. There is an approved procedure for issuing loans. This includes the necessity of submitting a certificate of employment. This paragraph has not been violated, but the CBA believes that control of its implementation was insufficient and banks were instructed to control compliance with the rules," the source said.

Kazakhstan improving forecast power sector showings for 2021
Kazakhstan improving forecast power sector showings for 2021
Kazakhstan boosts petroleum oils export to EU countries
Kazakhstan boosts petroleum oils export to EU countries
National Bank of Kazakhstan discloses base rate
National Bank of Kazakhstan discloses base rate
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